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Sep 28, 2012
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unveiled its 2013 budget, promising more big budget cuts as the government tries to reduce its heavy deficit. as turmoil and tension in the euro-zone escalates, there remain questions about the longevity of the euro currency. today, italian prime minister mario monti said he doesn't think any country will leave the union. erika miller reports from new york. >> reporter: as italian prime minister mario monti left today's event, he dodged reporters and walked straight to a waiting car. earlier at the forum, it was a different story. calm, cool and collected, monti stayed carefully on message. he made it clear italy is better off as part of the european union. >> the euro brought to italy a single currency, shared with all the others, that is very important economically. >> reporter: monti also emphasized the benefits of the common currency for other member countries, like germany. >> thanks to the euro, germany was able and is able to have a huge european market free from the risk of competitive devaluations. >> reporter: euro-zone worries have roared back this week, thanks to violent demonstr
unveiled its 2013 budget, promising more big budget cuts as the government tries to reduce its heavy deficit. as turmoil and tension in the euro-zone escalates, there remain questions about the longevity of the euro currency. today, italian prime minister mario monti said he doesn't think any country will leave the union. erika miller reports from new york. >> reporter: as italian prime minister mario monti left today's event, he dodged reporters and walked straight to a waiting car....
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government run a budget deficit of eight point six percent or something of g.d.p. i mean historically even for the u.k. is a mess of you know budget deficit the us is running at sort of about eight percent so i think i would put it back to larry summers that i think in both countries there's a lot of talk about you know fiscal cliff and. but right now you know the the beneficiary of very easy monetary policy and quantitative easing has been the public sector it can borrow and spend and it's still doing that there's a lot of agonizing about cutting back for school your spending but it's actually not happening so there is not much there's more talk about a stare at you than there is a stereotype there is a certain places like greece and other places but there's not a policy choice simply bankrupt and ican borrow money anymore but the countries that still have access to either the printing press of the central bank or financial markets like the u.s. and the u.k. they are spending with both hands now the other point i say so i think of but i think you're right i think
government run a budget deficit of eight point six percent or something of g.d.p. i mean historically even for the u.k. is a mess of you know budget deficit the us is running at sort of about eight percent so i think i would put it back to larry summers that i think in both countries there's a lot of talk about you know fiscal cliff and. but right now you know the the beneficiary of very easy monetary policy and quantitative easing has been the public sector it can borrow and spend and it's...
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Oct 3, 2012
10/12
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spain's overall deficit is expected to be well above the european union target. germany prospered largest insurance company has gone public. >> is the highest initial public offering late germany in about one-and-a-half years. the chief executive officer has run in a new era for the company. they have made over half a billion euros. he says the money will be used for consolidation and he is not planning any new acquisitions in the next two years. that ipo could be a hopeful sign for shares in the coming months. our markets correspondent has more from frankfurt. >> the ipo is a sign of hope for many traders. they are hoping for more ipos to come. 20% of the german mobile phone operator will soon be sold on the stock market according to its parent company. of the ipo process is planned to start as early as this week. all of this is good news for people in the trading floors because ipos only work when there is a certain not of confidence on the markets. a certain amount of reliability. with all of these new players on the stock market, many people here are hoping f
spain's overall deficit is expected to be well above the european union target. germany prospered largest insurance company has gone public. >> is the highest initial public offering late germany in about one-and-a-half years. the chief executive officer has run in a new era for the company. they have made over half a billion euros. he says the money will be used for consolidation and he is not planning any new acquisitions in the next two years. that ipo could be a hopeful sign for...
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Sep 28, 2012
09/12
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unveils steep tax hikes on businesses and the country's wealthy as it seeks to cut the nation's budget deficit. >> in formula one, team mercedes is not going to renew michael schumacher's contract after the season is over. german chancellor angela merkel will have a formidable challenger when she seeks reelection next year. it has been announced that former finance minister peer steinbruck will be running to oppose her. >> is a sharp-witted and sharp- tongued opponent. his candidacy was announced earlier today in berlin. >> he is the spd star right now after the two other contenders made way for him. the parliamentary leader refused to run a second time, and party leader did not think he would attract enough votes, so steinbruck is said to compete against his onetime ally angela merkel for the chancellorship. >> i accept the challenge to take the spd to victory in the next election. that is our goal. we want to oust this government. >> steinbruck says he wants to head a social democrat green coalition. he has a degree in economics and is known for pragmatism and expertise in fiscal policy. he
unveils steep tax hikes on businesses and the country's wealthy as it seeks to cut the nation's budget deficit. >> in formula one, team mercedes is not going to renew michael schumacher's contract after the season is over. german chancellor angela merkel will have a formidable challenger when she seeks reelection next year. it has been announced that former finance minister peer steinbruck will be running to oppose her. >> is a sharp-witted and sharp- tongued opponent. his candidacy...
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Sep 29, 2012
09/12
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i'm particularly talking about congress to set tax policies and get us out of this constant deficit. >> that's a very good point, why we brought up the fiscal cliff, quite frankly, you're seeing these little signs of life in the housing market, this fiscal cliff comes from elected officials. >>> don't go away, we will talk about the middle class itself and why your trip to the mall this weekend may be subsidizing your own demise. st plug is into, and your good driving can save you up to 30%. you could even try it without switching your insurance. why not give it a shot? carry on. now you can test-drive snapshot before you switch. visit progressive.com today. and the family car to do an experiment. we put a week of her family's smelly stuff all in at once to prove that febreze car vent clips could eliminate the odor. then we brought her family to our test facility to see if it worked. [ woman ] take a deep breath, tell me what you smell. something fresh. a beach. a clean house. my new car. [ woman ] go ahead and take your blindfolds off. oh!! hahahaha!!! look at all this garbage!!! [
i'm particularly talking about congress to set tax policies and get us out of this constant deficit. >> that's a very good point, why we brought up the fiscal cliff, quite frankly, you're seeing these little signs of life in the housing market, this fiscal cliff comes from elected officials. >>> don't go away, we will talk about the middle class itself and why your trip to the mall this weekend may be subsidizing your own demise. st plug is into, and your good driving can save...
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government can print its own money it's never going to be an issue for it to run these type of deficits and that the u.s. government because it has the power of taxation can always just continue to do this so do you think it would be a situation where. the country's no longer are holding the u.s. dollar in reserves if this quantity or there was a failed bond auction from. just less demand what would really be a turning point to counteract all that say this is never going to be an issue where the congress has the capacity to tax but it also was asked for both of the people. the president's political advisor only last summer said approximately the summer of two thousand and eleven during the last. kerfuffle over the the debt limit they had proof of this perhaps if they watched both but the president's chief advisor on politics said that. approximately that we will not just go about paying our bond holders who can't pay social security we can't meet the defense budget. so they are saying that there is a political contests. engine seat to the nation's willingness to meet its obligations to
government can print its own money it's never going to be an issue for it to run these type of deficits and that the u.s. government because it has the power of taxation can always just continue to do this so do you think it would be a situation where. the country's no longer are holding the u.s. dollar in reserves if this quantity or there was a failed bond auction from. just less demand what would really be a turning point to counteract all that say this is never going to be an issue where...
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Sep 29, 2012
09/12
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. >> they came to narrow the deficit next year to 3% of national output -- date came to narrow the deficit next year. >> among the measures -- a temporary 75% income tax on earnings over 1 million euros. business also faces cuts in tax breaks. the prime minister presented the 2013 budget. >> this is a budget for social justice. and it is a budget for growth. it prepares us for the future. it is a courageous and responsible budget. >> the package includes public spending cuts of 10 billion euros. france's economy is in a precarious position. second quarter gdp was stagnant, and unemployment has just talked 3 million -- topped 3 million. the government is aiming to make good on election promises while making sure austerity does not hit france into recession -- tip france into recession. >> spanish banks will need 59 billion euros to get back on their feet according to a new report commissioned by the spanish government. >> that will help take pressure off the prime minister, who is seeking to avoid a bailout. spain says they will ask for around 40 billion euros of the total sum, while the re
. >> they came to narrow the deficit next year to 3% of national output -- date came to narrow the deficit next year. >> among the measures -- a temporary 75% income tax on earnings over 1 million euros. business also faces cuts in tax breaks. the prime minister presented the 2013 budget. >> this is a budget for social justice. and it is a budget for growth. it prepares us for the future. it is a courageous and responsible budget. >> the package includes public spending...
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Sep 27, 2012
09/12
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for a country, virtue is to have your balance of payments, if anything, in surplus, not in deficit. now, the anglo-saxons are more accustomed to think in systemic terms what happens if each country is as virtuous as germany is? what happens to global demand then and so on and so forth? aren't these cultural aspect glz they are, indeed. >> but they determine everyday policy, if not politics. >> rose: when you look at th the-- has dealing with this crisis and having it on the front burner perhaps not led to, you know, the end of the euro zone, as some people feared, certainly the membership in part of the euro zone, but may very well have given some momentum to monetary and fiscal and even political union? >> definitely. definitely. the man who found-- founded the concept of the european union in the late 40s and 50s, john monet. >> rose: a frenchman. >> said that the integration of europe will grow through crisis. and he was very right. also in that respect. because you see, when we have a serious crisis like undoubtedly the euro zone crise has been, you either accept the distraction
for a country, virtue is to have your balance of payments, if anything, in surplus, not in deficit. now, the anglo-saxons are more accustomed to think in systemic terms what happens if each country is as virtuous as germany is? what happens to global demand then and so on and so forth? aren't these cultural aspect glz they are, indeed. >> but they determine everyday policy, if not politics. >> rose: when you look at th the-- has dealing with this crisis and having it on the front...
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Oct 2, 2012
10/12
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[laughter] on the deficit, it was, you know, deficit doesn't matter. and yeah and biology too a guy in missouri too. so the question to me is what happens the morning after the morning after the election if romney loses? the morning after they'll say it wasn't because he wasn't far night enough. i wonder the morning after the morning after. a lot of people say we have gone too far to the right. we need a different republican party. we need a center right republican party. i think the country needs. because it needs to be a check on the left and the center left, and it's the only way we're going get big comprises on the big issues. >> can i add, i mean, a little history can clinton and rage. the second term was the productive term. the big achievement. it's hard no know whether the republican party will -- where they will push the blame if that happens. but the question is how they decide to spend the next four years. and i think it's very hard to tell. but there is some hope in looking back at both clinton and reagan. >> reagan was considered a far-rig
[laughter] on the deficit, it was, you know, deficit doesn't matter. and yeah and biology too a guy in missouri too. so the question to me is what happens the morning after the morning after the election if romney loses? the morning after they'll say it wasn't because he wasn't far night enough. i wonder the morning after the morning after. a lot of people say we have gone too far to the right. we need a different republican party. we need a center right republican party. i think the country...
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Sep 25, 2012
09/12
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but if you try to use it on a regular basis, you will face sooner or later problems in the deficit and that is exactly what is happening with several economies in europe right now. that is why we've put in place an exit strategy to regain the fiscal balance including several painful measures. for instance increasing the tax revenues come producing the public expenditures, promoting the reforms and the deregulation program. we also sit down with a very inefficient energy company which saves the government more than $5 billion a year in subsidies. thanks to the fiscal discipline, the public debt is a historical low level. more than twice the amount of the total cash, and maintain the lowest inflation levels of the past seven decades cash. another important factor behind mexico's sensibility is our financial sector tenet leal in the u.s., the crisis started in the financial market in the banking sector texaco, the financial sector was not a part of the problem but a part of the solution. thanks to the improvements and regulations, the mexican banks have 16% almost double that recommendati
but if you try to use it on a regular basis, you will face sooner or later problems in the deficit and that is exactly what is happening with several economies in europe right now. that is why we've put in place an exit strategy to regain the fiscal balance including several painful measures. for instance increasing the tax revenues come producing the public expenditures, promoting the reforms and the deregulation program. we also sit down with a very inefficient energy company which saves the...
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powerhouses without taking on some of the financial liable the financial risks of the liabilities of these deficit countries that are the airport. well that's exactly the burden and debate right now and that's your question goes right to the heart of it if you listen to all your rants the only relevant is that european commissioner and vice president of the european commission is in charge of economics a very spread he's the top economics official in europe you'll hear him always talk about the need for the surplus countries to also bear some of the burden of the adjustment and what he's talking about or example is in germany allowing wages to rise faster so that consumption at home can balance out some of that surplus clearly not every country in the eurozone or in europe can be germany. it's just not possible that's not a model that can be replicated in every single place and some of that burden of adjustment has to be taken on from these countries the question of taking on risk which is related to bailing countries out as well because these countries are creditor countries is also a. very good
powerhouses without taking on some of the financial liable the financial risks of the liabilities of these deficit countries that are the airport. well that's exactly the burden and debate right now and that's your question goes right to the heart of it if you listen to all your rants the only relevant is that european commissioner and vice president of the european commission is in charge of economics a very spread he's the top economics official in europe you'll hear him always talk about the...
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Oct 2, 2012
10/12
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but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're not three weeks into qe-3 yet and the populous mind set of the markets is that we're done qe-3, let's move on to whatever's next. qe-3 is in my opinion very different from previous qes. the feds tip toe down a path of what i call nominal gdp targeting. we're tying it directly to real economic outcomes. so they're saying they're not going away and they've opened the door to it already without considering more. so it's a big thing and it's particularly helpful to
but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash...
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Sep 26, 2012
09/12
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means we need to, you know, over the next few years, maybe five to ten years reduce our structural deficit by 1.5 trillion dollars a year. that's a lot of heavy lifting. you know, can we do that? perhaps. but the united states has gotten itself into a corner in terms of high debt level. it may lower real economic growth going forward. >> we didn't even bring up a picture of wimpy, the cartoon character you referred to in the last note. we'll look at the next one coming up shortly. >> thank you. >> certainly europe is a big part of the story again. another massive protest under way in spain. demonstrators railing against deeper austerity cuts. let's go to cnbc's own steve sedgwick in madrid. what's the situation on the ground? >> yeah. on the ground in this part of madrid we are just waiting to see if we see a recurrence of the violent scenes we have seen in the last 24 hours. scenes i have seen too much in greece and basically people are protesting against the kind of austerity that we know has to come if this country will get itself back on its feet. the austerity bill gross was talking a
means we need to, you know, over the next few years, maybe five to ten years reduce our structural deficit by 1.5 trillion dollars a year. that's a lot of heavy lifting. you know, can we do that? perhaps. but the united states has gotten itself into a corner in terms of high debt level. it may lower real economic growth going forward. >> we didn't even bring up a picture of wimpy, the cartoon character you referred to in the last note. we'll look at the next one coming up shortly....
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the use of the nation of course the spanish administration does have a job see they need to cut the deficit down safely they plan to do that by eighty three billion dollars by two thousand and fourteen below show doing all of that we have the potential for spain to have to see a similar bailout to that which greece portugal and on and all forced to swallow. now those live pictures we're watching some of the protesters demands other. called to a sanity and the dissolution of parliament by journalist and author miguel anselmo radha says for that to happen in the in date men to meet and object to. the same indignados ring digging a movement which a year and a half ago was very successful in bringing out industry stance of thousands of people and not exactly against something very specific but against the way which politics are done the way i mean the lack of transparency that i call them ocracy the fact that important decisions are not consulted with the people they said they had a huge success but it was shortly fixed he sold out very quickly practically because their demands were too huge we
the use of the nation of course the spanish administration does have a job see they need to cut the deficit down safely they plan to do that by eighty three billion dollars by two thousand and fourteen below show doing all of that we have the potential for spain to have to see a similar bailout to that which greece portugal and on and all forced to swallow. now those live pictures we're watching some of the protesters demands other. called to a sanity and the dissolution of parliament by...
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Sep 25, 2012
09/12
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the fact that britain's budget deficit is going to be larger than greece itself means nothing. yes, it points out there is still fiscal vulnerability, but britain also has its own currency, it's not part of a defunct quasi unified surps city block. so to simply compare it with greece doesn't seem to add much value at all. >> yes, but it's got noteworthy applause, hasn't it. not applause. it has notoriety. and we do think mervyn king's already given the green light for the government to loosen up its deficit targets. >> meanwhile the defense ministers are reportedly set to meet over the planned $45 billion merger between bae and eads. our favorite name so far is beads. it's a warm and fuzzy name for a defense company. >> absolutely. beads. doesn't sound bad whatsoever. a little bit of a feminine touch there if you think about what you can put around your neck, but i i like it, too. the latest in that development is of course tomorrow tom enders will step into front of the german parliament to map out the kind of deal that we may expect from that merger. until now, all the govern
the fact that britain's budget deficit is going to be larger than greece itself means nothing. yes, it points out there is still fiscal vulnerability, but britain also has its own currency, it's not part of a defunct quasi unified surps city block. so to simply compare it with greece doesn't seem to add much value at all. >> yes, but it's got noteworthy applause, hasn't it. not applause. it has notoriety. and we do think mervyn king's already given the green light for the government to...
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Oct 1, 2012
10/12
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because it will sort of focus our priorities, getting the country's debt and deficit under control. what do you think about that? >> well, sequestration cuts the good along with the bad. not everything government does is wasteful. not everything government does is good. go after the wasteful first, go after the policies which we know don't achieve the goals they were set out to meet. we don't think sequestration -- sequestration was set up as a threat, such a horrible threat that it would force congress to act and hasn't forced congress to act yet. we hope it will in the lame duck, that they'll take thoughtful steps by going after wasteful programs first. >> you're right. it hasn't gotten them to act yet. ryan, good to talk to you. thanks so much. >> thanks so much for having us. >> see you soon. "fast money" begins at the top of the hour. >>> our traders give you the top picks for the fourth quarter. then we'll have all the headlines coming from the value investing congress. our traders will give you the trade. we'll also have the founder of 13 d monitor tell you how you could inve
because it will sort of focus our priorities, getting the country's debt and deficit under control. what do you think about that? >> well, sequestration cuts the good along with the bad. not everything government does is wasteful. not everything government does is good. go after the wasteful first, go after the policies which we know don't achieve the goals they were set out to meet. we don't think sequestration -- sequestration was set up as a threat, such a horrible threat that it would...
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Sep 26, 2012
09/12
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we had the protests obviously and we also had the announcement of the increase in the q3 spanish deficit to 4.77% of gdp and spending is out of control and they are going to have a budget released on friday and that's really all kind of spinning together. overlay that with the potential that moody's could down grade the country to junk sometime this week and that's what i was looking for. >> does anybody care what moody's thinks any more? >> i think it adds fuel to the fire. >> when the u.s. got downgraded our interest rates went down, right? i am not sure that that has a big effect anymore, at least, what's your trade and what are your levels? >> right. so i was looking for a pullback in europe. we got it to the 128.50 level. that's why i wanted to buy. this is a medium term trade. i am giving it room on the downside and the 150 stop-loss and tray profit were the highs were 1.3150. on the upside is blew through it hard and should be support on the way back down. >> do you think the rally was just short covering? >> a lot of it had to do with short covering and it is basically a situatio
we had the protests obviously and we also had the announcement of the increase in the q3 spanish deficit to 4.77% of gdp and spending is out of control and they are going to have a budget released on friday and that's really all kind of spinning together. overlay that with the potential that moody's could down grade the country to junk sometime this week and that's what i was looking for. >> does anybody care what moody's thinks any more? >> i think it adds fuel to the fire....
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Sep 26, 2012
09/12
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they are buying the entire deficit. >>> and the case for precious metals. >> i love gold. it's too early to cheerlead a bull market in equities. we're going to find out where his funds are investing more than $10 billion. >>> and we are one week away from the presidential debate. >> what you just said is one of the most insanely idiotic things i've ever heard. >> a simple wrong would've done just fine. >> we'll convene our debate prep session with our guest hosts and howard dean, former governor and dnc chair. the third hour of "squawk box" begins right now. >>> welcome back to "squawk box" here on cnbc, first in business worldwide. i'm joe kernan along with becky quick. our guest host is neel kashkari. i'd be proud to say -- who did we have on yesterday? someone on talking about who saved the world, saying that, oh, it was barry diller. >> right, right. >> barry said that the president had helped to avert a much worse situation. but actually it goes back to bush and pall paulson and t.a.r.p. >> in hindsight, we didn't know if our programs were going to work. we feel very
they are buying the entire deficit. >>> and the case for precious metals. >> i love gold. it's too early to cheerlead a bull market in equities. we're going to find out where his funds are investing more than $10 billion. >>> and we are one week away from the presidential debate. >> what you just said is one of the most insanely idiotic things i've ever heard. >> a simple wrong would've done just fine. >> we'll convene our debate prep session with our...
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Sep 30, 2012
09/12
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regarding the debt and the deficit, there is this piece from "the washington post." in the debt crisis, ryan was on the sidelines. there is a " further in the body from a republican senator who set up a " i have never viewed it paul as one who gets into the fray from a negotiating standpoint. i do not mean that he cannot do it. i just mean he has chosen not to." becky is on the phone from michigan. caller: good morning. i was trying to think what year it was when ralph nader ran for president. you and only you as far as i know carried a debate. i think there were three people that were other parties. host: it was 2000. caller: i listened to those -- the ones that were not the mainstream democrats and republicans. even though i may not vote for them, that is not what is important. what is important is that every single one of them had at least one just terrific idea for solving some kind of big problem we have a. -- we have. to have those people up there with the democrats and republicans talking about things that have never been talked about before could get the peop
regarding the debt and the deficit, there is this piece from "the washington post." in the debt crisis, ryan was on the sidelines. there is a " further in the body from a republican senator who set up a " i have never viewed it paul as one who gets into the fray from a negotiating standpoint. i do not mean that he cannot do it. i just mean he has chosen not to." becky is on the phone from michigan. caller: good morning. i was trying to think what year it was when ralph...
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Oct 2, 2012
10/12
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>> there's no question the deficits have exploded under them. the last two decades among the two wars and the mistakes in my opinion, we blew a lot of money. multiples of what we blew before. so, you know, my attitude is that -- >> jimmy, my question is do you have any confidence no matter who is in office that actually the hard cuts that need to be made ultimately to make any text plan deficit neutral are actually going to happen? >> and my question to you comes down to a simple question. >> do you believe in the tooth fairy? >> who does the president listen to? i wonder if you could name for me four or five executives who have been advising the president and that he's been listening to. okay, four. okay, three. okay, two. okay, one. i'm waiting. one name. >> well -- >> you would argue -- >> if you think general electric the irrelevant to what's wrong with the country today. >> we have steve case on the air a lot who makes that argument. i think you are probably more right than wrong. >> ubs was losing their clients because of their affiliate w
>> there's no question the deficits have exploded under them. the last two decades among the two wars and the mistakes in my opinion, we blew a lot of money. multiples of what we blew before. so, you know, my attitude is that -- >> jimmy, my question is do you have any confidence no matter who is in office that actually the hard cuts that need to be made ultimately to make any text plan deficit neutral are actually going to happen? >> and my question to you comes down to a...
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Oct 3, 2012
10/12
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and doesn't resolve the question about how do you keep the code without increasing the deficit. but it's a promising proposal that tax policy exports like because it is achievable. now, if you lump the deductions together and don't fight them one by one and have a cap, that is easier to get done. >> on that 17,000, a, do you think we're going to hear about it tonight? does that include things like charitable deductions, mortgage deductions? how far do you think that goes? >> reporter: yes, it does. >> 17,000 cap across the board. that is meaningful. that would have a huge impact on the real estate market, it would have a huge impact broadly. >> reporter: yes, i believe from what i was reading yesterday, and i haven't gotten a chance to delve into it that $17,000 level was set purposefully because people in the under $200,000 income category generally speaking don't have more than that, right? but it makes it easier to begin taking on deductions as you move up the scale. so i do think it's positive. i would expect him to get asked about it and, you know, if he starts sketching ou
and doesn't resolve the question about how do you keep the code without increasing the deficit. but it's a promising proposal that tax policy exports like because it is achievable. now, if you lump the deductions together and don't fight them one by one and have a cap, that is easier to get done. >> on that 17,000, a, do you think we're going to hear about it tonight? does that include things like charitable deductions, mortgage deductions? how far do you think that goes? >>...
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Oct 1, 2012
10/12
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CSPAN
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that is a fundamental structural shift and it is produced -- it has produced record-setting deficits and putting us in a path of greece and where much of europe are. the economy is teetering on the edge of recession. the were seen can do is jacked up taxes on small businesses and entrepreneurs or job creors. that makes it all the more likely to push us into a recession. and for the 23 million people who struggling for work, the worst thing to do is hurt the small businesses that create those jobs. >> it is fair to say that the president has reduced taxes. he has reduced taxes for small businesses 18 times. he cut taxes for '95 -- for 95% of families out there. the question is do we ask everyby to sacrifice? when you look at the marginal rate in the united states, when ronald reagan took office, the marginal office with 71% to 72%. it is interesting to me that the greatness that people speak of in terms of the united stas, when we talk about the 1940's, the 1950's, the 1960's, 1970's, the marginal rate that folks paid was much greater. nobody says we will go back to that. at the same
that is a fundamental structural shift and it is produced -- it has produced record-setting deficits and putting us in a path of greece and where much of europe are. the economy is teetering on the edge of recession. the were seen can do is jacked up taxes on small businesses and entrepreneurs or job creors. that makes it all the more likely to push us into a recession. and for the 23 million people who struggling for work, the worst thing to do is hurt the small businesses that create those...
210
210
Sep 26, 2012
09/12
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CNBC
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austerity measures clearly aren't going to help, it's only going to make it more difficult to meet deficit targets. it's only going to make it more difficult to work down that debt to gdp ratio when the denominator is also shrinking. >>> while we focus on spain and yields rising, we do have the result of this italian tea bill auction. the six-month bill auction, the yield, 1.503%. it was 1.58% at the end of august, the lowest since march. there is a contrast here between what is happening with italian auctions and spanish auction. we saw earlier this week, the spanish bill auction yields up since august. they continued to fall. they are still going lower in italy. once again, maybe the market price differently in italy and spain. >> even though italy has key elections coming up next year, we're hearing some rhetoric as to whether or not he's going to run. of course he didn't run last time, but nevertheless, here's someone who -- the potential for this event and to mark an uncertainty. italy still viewed more favorably. >> i didn't see if they rais raised -- did you see the amount? >> looks
austerity measures clearly aren't going to help, it's only going to make it more difficult to meet deficit targets. it's only going to make it more difficult to work down that debt to gdp ratio when the denominator is also shrinking. >>> while we focus on spain and yields rising, we do have the result of this italian tea bill auction. the six-month bill auction, the yield, 1.503%. it was 1.58% at the end of august, the lowest since march. there is a contrast here between what is...
104
104
Oct 3, 2012
10/12
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CSPAN2
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on the deficit and biological l2 mac, some of them for sure. so the question to me is what happens the morning after this election if romney loses. he wasn't far right enough. i wonder if the morning after the morning after. people would say we have gone too far to the right and we need a different republican party which i think the country desperately needs because it needs to be center-left and it's the only way we agree to get big compromises on these issues. >> can i add the role of history suggests the clinton and ronald reagan the second term as the productive term, the big achievement so it's hard to know whether the republican party will -- where they will push the blame if that happens, but the question is how they decide to spend the next four years and i think it's very hard to tell but there is some hope in looking back at both clinton and reagan. >> he was also a far right to limit took running the republican party at the time whoever they equivalent was a time and. but in fact he wasn't. life was a little more complicated by the f
on the deficit and biological l2 mac, some of them for sure. so the question to me is what happens the morning after this election if romney loses. he wasn't far right enough. i wonder if the morning after the morning after. people would say we have gone too far to the right and we need a different republican party which i think the country desperately needs because it needs to be center-left and it's the only way we agree to get big compromises on these issues. >> can i add the role of...